Provisional data of the Central Statistical Bureau shows that in March 2013, compared to February of this year, exports value of goods at current prices increased by 5.3%, but imports value of goods – grew by 14.0%. In March, foreign trade balance slightly worsened as exports in total foreign trade value dropped to 43.6% (in February of this year – 45.5%).

Main changes in exports in March, compared to February of this year include: exports of products of the chemical and allied industries grew by 11.1 million LVL or 34.7%; exports of wood and articles of wood increased by 6.0 million LVL or 6.8%; exports of vegetable products dropped by 8.8 million LVL or 23.3%.

Main changes in imports in March, compared to February of this year include: imports of mineral products rose by 25.4 million LVL or 21.4%; imports of transport vehicles and associated transport equipment increased by 18.6 million LVL or 52.3%; imports of metals and articles of metals decreased by 4.6 million LVL or 7.1%.

Exports of machinery and mechanical appliances; electrical equipment in March, compared to February, grew by 6.0 million LVL or 7.0% – to Lithuania by 2.4 million LVL or 12.3% and to Czech Republic – by 1.6 million LVL or 2.1 times. In its turn, imports rose by 24.0 million LVL or 21.8% – from Germany by 6.2 million LVL or 38.0%, from Lithuania by 4.1 million LVL or 37.9%, from Netherlands by 2.8 million LVL or 58.7%.

In March the most significant share in Latvia’s export – 71.6% had export to the countries of European Union, followed by the export to CIS countries with 14.4%. Main export partners were Lithuania (16.4% of total export), Estonia (12.9%), Russia (10.0%), Germany (7.2%) and Poland (6.7%).

In its turn the most significant share in Latvia’s import – 76.1% had import from the countries of European Union, followed by the import from CIS countries with 16.0%. Main import partners were Lithuania (17.8% of total import), Germany (12.1%), Russia (11.7%), Poland (9.1%) and Estonia (7.6%).

Rapid growth of exports of electrical machinery and equipment in March 2013, compared to March of previous year, was mostly impacted by the increase of exports of mobile phones – by 10.9 million LVL or 2.9 times. In its turn, exports of land transport vehicles and parts and accessories thereof decreased as exports of cars and other mechanical vehicles dropped by 9.4 million LVL or 70.8%. In March, compared to March of previous year, imports of electrical machinery and equipment rose as imports of mobile phones increased by 9.7 million LVL or 2.6 times. But drop of imports of metal waste and scrap by 7.1 million LVL or 41.0% significantly impacted total imports of iron and steel.

Latvian Employers’ Confederation (LEC) is worried about ongoing events and their negative effect on the stability and future development of the country’s economy. LEC believes that stabilization of the financial situation requires careful coordination of actions between institutions and the government.

Compared to December 2017, level of producer prices in Latvian industry rose by 0.9 % in January 2018. Prices of products sold on the domestic market went up by 1.2 % and prices of exported products by 0.6 %.

Russia is trying to use the established situation to create chaos in Latvia. Efforts, however, are fated to fail, says chairman of Saeima’s Defence, Internal Affairs and Corruption Prevention Committee Ainars Latkovskis.

Latvia’s Finance Minister Dana Reizniece-Ozola has failed to prevent the decision made by United States Department of the Treasury, which is ruinous for the country’s financial sector and humiliating for its reputation, says chairman of New Conservative Party Jānis Bordāns.

Considering events of the last several days in the country’s banking sector and the arrest of the governor of the Bank of Latvia – Ilmārs Rimšēvičs – it is entirely possible that someone is currently realizing a massive information operation. Its structure and execution is not unlike the one observed in USA, France and Germany during the pre-election period, BNN was told by Latvia’s Defence Ministry.

«This situation is incredibly complicated. This situation is quite possibly the most complicated one I have ever been in. I feel a great deal of support from people I don’t know, as well as my friends and family members. I have decided to not back down – I am innocent. The the people attacking my reputation have only one goal in mind – to have me step down,» said the governor of the Bank of Latvia Ilmārs Rimšēvičs during a press conference on Tuesday, 20 February.

The number of people working in Latvia’s culture sector is equal to 4.5% of the total number of employed people in the country. This proportion is also larger than the average one across the European Union, according to data published by Eurostat.

Considering that Latvia’s Education and Science Ministry has several ongoing industry reforms, it would be best to put the proposal for compulsory secondary education on hold, said Education and Science Minister Kārlis Šadurskis during a meeting of Saeima’s Education, Culture and Science Committee.

Association of Latvian Commercial Banks sees a need for the European Central Bank (ECB) to become more involved in the discussion and help resolve the situation, considering evaluation of ABLV Bank’s business model is in direct competence of ECB.

The largest fast food catering restaurant network in Finland and Baltic States – Hesburger – plans to invest approximately EUR 11.5 million in business development this year. EUR 5.5 million are planned to be invested in Latvia’s market, says Hesburger Development Director Ieva Salmela.

On Tuesday, 20 February, air temperature in central and northern parts of Finland dropped to -27° C… -31° C in morning hours. In Norway, close to the Finnish border, air temperature has dropped as far as -34° C, according to data from meteorological stations.

It is not impossible that someone may want to undermine Latvia’s financial sector, said chairman of Latvian Finance and Capital Market Commission Pēters Putniņš in an interview to Rīta Panorāma programme on Tuesday, 20 February.

There are serious risks associated with European Union’s co-financed project for the revitalization of Skanste neighbourhood, including construction of Skanste tramway line, says member of Riga City Council and For Latvia’s Development party Viesturs Zeps.

Latvia’s society believes the KGB documents should be made publicly accessible immediately. In addition, residents say they are confident in their ability to discuss those documents without the country’s supervision, which takes the form of expert opinions prevailing over society’s moral views, as stated by guest researcher of History Institute of the University of Latvia M. His. Marta Starostina.

«What we have observed in the past several days is that Latvia’s financial sector has received several heavy strikes as a result of the government’s uncoordinated and chaotic actions. Prime Minister Māris Kučinskis has evidently ‘disappeared’ and offers no clear plans to resolve the crisis, whereas Finance Minister Dana Reizniece-Ozola says different things in every interview. Such behaviour will not help resolve the crisis. It could instead pull the country’s financial sector in a much deeper crisis,» says chairman of For Latvia’s Development Juris Pūce.

As a security measure, the governor of the Bank of Latvia Ilmārs Rimšēvičs has been applied with a prohibition to take post, said Latvian Prime Minister Māris Kučinskis after a meeting of the Cabinet of Ministers.